Assume that in Atlantis the actual deficit is $200 billion. If Atlantis were at full employment, the deficit would be $50 billion. The structural deficit in Atlantis is

Is it possible for the total market demand for a good at the prevailing price to be inelastic while the demand facing any one seller of the good is highly elastic?

A) No, because each seller's demand is a part of the total demand. B) No, because if this were the case the price would fall until the market demand became elastic. C) No, because if this were the case the price would rise until the market demand became elastic. D) Yes, and it's actually quite common.

All else constant, if a nation's potential output doubles in 36 years, its average annual growth rate is

A. approximately 1% B. approximately 2% C. approximately 3% D. approximately 4%